Simon Property Group (SPG) Scheduled to Post Earnings on Friday

Simon Property Group (NYSE:SPG) is scheduled to be posting its quarterly earnings results after the market closes on Friday, November 1st. Analysts expect Simon Property Group to post earnings of $3.01 per share for the quarter. Simon Property Group has set its FY24 guidance at $12.80-12.90 EPS and its FY 2024 guidance at 12.800-12.900 EPS.Individual that are interested in registering for the company’s earnings conference call can do so using this link.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($1.42). Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the business earned $2.88 earnings per share. Simon Property Group’s revenue was up 4.8% compared to the same quarter last year. On average, analysts expect Simon Property Group to post $13 EPS for the current fiscal year and $12 EPS for the next fiscal year.

Simon Property Group Stock Performance

Shares of Simon Property Group stock opened at $172.18 on Thursday. The company has a market cap of $56.12 billion, a P/E ratio of 21.93, a PEG ratio of 9.35 and a beta of 1.74. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 7.53. The business has a 50-day moving average price of $168.39 and a two-hundred day moving average price of $156.01. Simon Property Group has a 1-year low of $104.93 and a 1-year high of $177.08.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were issued a dividend of $2.05 per share. The ex-dividend date of this dividend was Monday, September 9th. This represents a $8.20 annualized dividend and a dividend yield of 4.76%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. Simon Property Group’s dividend payout ratio is currently 104.46%.

Insider Transactions at Simon Property Group

In other Simon Property Group news, Director Allan B. Hubbard bought 370 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were purchased at an average price of $167.30 per share, for a total transaction of $61,901.00. Following the acquisition, the director now owns 34,301 shares in the company, valued at approximately $5,738,557.30. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 8.50% of the company’s stock.

Wall Street Analyst Weigh In

SPG has been the topic of a number of recent research reports. Stifel Nicolaus reiterated a “hold” rating and issued a $159.00 target price (up from $157.50) on shares of Simon Property Group in a report on Thursday, September 12th. Evercore ISI upgraded Simon Property Group from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Mizuho increased their price objective on Simon Property Group from $155.00 to $158.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 target price (down previously from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Finally, Truist Financial upped their price target on Simon Property Group from $147.00 to $158.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $162.78.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.